Bitcoin Dips Below $80K and Solana Falls to $95 as Binance Hack Rumors Trigger $590M Liquidations
Bitcoin fell below $80,000 and Solana touched intraday lows near $95 after unconfirmed reports of a Binance security breach triggered $590 million in long liquidations within one hour. Binance later said it had blocked North Korea-linked cyberattacks with no assets lost, while a separate report put Solana below $90 with a steeper four-week decline than Bitcoin.
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What Moved Prices
Bitcoin dropped to roughly $79,600 to $79,800 between October 24 and October 29, 2026, a decline of about 2 to 2.5%, according to Crypto Briefing. The Defiant reported a deeper move, with Bitcoin sliding under $76,000 at the lowest point in its coverage, so the two outlets' price ranges differ and the exact intraday low should be checked against a single exchange feed before being cited.
Solana followed a similar path. Crypto Briefing reported intraday lows near $95 before a recovery toward $99 to $100, while The Defiant reported Solana breaking below $90. The gap between those figures is material and is not resolved by the sources.
Liquidations and Leverage
The sharpest signal was in derivatives markets. Crypto Briefing reported $590 million in long positions liquidated within a single hour. Across 24-hour windows in the same period, total futures liquidations ranged from $356 million to $834 million, with long liquidations estimated between $205 million and $701 million. Crypto Briefing's analysis is that a move of this size in Bitcoin should not, on its own, erase that much long exposure, which points to heavy leverage concentrated on one side of the trade.
The Binance Rumor and Response
The initial catalyst was unconfirmed talk of a potential security breach at Binance. Binance addressed the issue on October 27, saying it had fended off multiple cyberattacks linked to North Korea, that no assets were lost, and that no breach occurred. The market reacted to the rumor before that statement arrived, which Crypto Briefing identifies as the window in which most liquidations happened.
Macro Backdrop and Solana's Relative Weakness
Equity markets were already risk-off after weaker earnings from large technology companies, including Samsung and Alphabet. The Federal Reserve held its policy rate in a 3.75% to 4.00% range and kept a hawkish stance amid ongoing inflation concerns. The Defiant reported that Solana has lost about 24% over four weeks, more than double Bitcoin's decline over the same period, which suggests SOL's weakness is partly asset-specific rather than purely a function of the Binance episode.
Why It Matters
For Traders
Leverage concentrated on long positions makes further sharp moves around the $80,000 Bitcoin level and the mid-$90s Solana area more likely to cascade into liquidations.
For Investors
A rumor-driven liquidation cascade highlights how exchange security perceptions and macro policy can compound short-term volatility in crypto assets.
For Builders
Exchange and protocol teams face a clear lesson that delayed public responses to security rumors widen the window in which markets price in unverified breaches.
This article is for information only and is not financial advice. Read the full disclaimer.
